Key Points
- CFO James Reske sold 2,250 shares for about $49,300 under a pre-arranged Rule 10b5-1 plan, reducing his stake by 3.17%; he retained 68,738 shares.
- First Commonwealth reported quarterly EPS of $0.45, slightly below analyst expectations of $0.46, while revenue of $143.34 million topped estimates.
- The bank announced a quarterly dividend of $0.14 per share, equivalent to a 2.7% annualized yield; analysts’ consensus rating was “Moderate Buy,” with a $24 price target.
First Commonwealth Financial Corporation (NYSE:FCF - Get Free Report) CFO James Reske sold 2,250 shares of the firm's stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $21.91, for a total value of $49,297.50. Following the sale, the chief financial officer directly owned 68,738 shares in the company, valued at approximately $1,506,049.58. The trade was a 3.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
First Commonwealth Financial Stock Down 0.9%
Shares of NYSE FCF traded down $0.18 during trading hours on Friday, hitting $20.89. 471,671 shares of the stock were exchanged, compared to its average volume of 820,619. First Commonwealth Financial Corporation has a 12 month low of $15.30 and a 12 month high of $22.34. The firm has a fifty day moving average price of $20.77 and a 200-day moving average price of $19.52. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.08. The company has a market cap of $2.11 billion, a PE ratio of 12.36 and a beta of 0.72.
First Commonwealth Financial (NYSE:FCF - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The bank reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.46 by ($0.01). The business had revenue of $143.34 million during the quarter, compared to analyst estimates of $141.36 million. First Commonwealth Financial had a return on equity of 11.17% and a net margin of 23.06%. On average, sell-side analysts expect that First Commonwealth Financial Corporation will post 1.74 EPS for the current year.
First Commonwealth Financial Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be paid a $0.14 dividend. The ex-dividend date is Friday, November 6th. This represents a $0.56 dividend on an annualized basis and a yield of 2.7%. First Commonwealth Financial's dividend payout ratio (DPR) is 33.14%.
Institutional Investors Weigh In On First Commonwealth Financial
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Maryland State Retirement & Pension System lifted its position in First Commonwealth Financial by 51.8% during the 3rd quarter. Maryland State Retirement & Pension System now owns 22,207 shares of the bank's stock worth $449,000 after acquiring an additional 7,574 shares during the period. Vise Technologies Inc. acquired a new position in shares of First Commonwealth Financial during the 3rd quarter worth $243,000. Choreo LLC grew its holdings in First Commonwealth Financial by 7.0% during the 3rd quarter. Choreo LLC now owns 11,376 shares of the bank's stock valued at $230,000 after buying an additional 749 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of First Commonwealth Financial during the third quarter worth about $494,000. Finally, Cim Investment Management Inc. lifted its position in First Commonwealth Financial by 7.3% during the second quarter. Cim Investment Management Inc. now owns 11,657 shares of the bank's stock worth $237,000 after buying an additional 789 shares during the period. 72.58% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on FCF shares. Royal Bank Of Canada upped their price objective on First Commonwealth Financial from $23.00 to $24.00 and gave the stock an "outperform" rating in a research report on Thursday, July 30th. Piper Sandler reaffirmed an "overweight" rating and set a $25.00 target price (up from $21.00) on shares of First Commonwealth Financial in a report on Thursday, July 30th. Weiss Ratings raised First Commonwealth Financial from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday. Keefe, Bruyette & Woods upped their price target on First Commonwealth Financial from $21.00 to $24.00 and gave the stock a "market perform" rating in a research note on Friday, July 31st. Finally, DA Davidson set a $23.00 price objective on First Commonwealth Financial in a research report on Thursday, October 29th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, First Commonwealth Financial currently has an average rating of "Moderate Buy" and a consensus target price of $24.00.
Check Out Our Latest Stock Analysis on FCF
About First Commonwealth Financial
(
Get Free Report)
First Commonwealth Financial Corporation (NYSE: FCF) is a bank holding company headquartered in Indiana, Pennsylvania. Through its principal subsidiary, First Commonwealth Bank, the company provides financial services to consumers, businesses, municipalities and nonprofit organizations.
Its offerings include checking and savings accounts, certificates of deposit, residential and consumer lending, commercial loans, mortgages, treasury management and online and mobile banking. The company also provides wealth management, investment and trust services, along with insurance and other financial solutions through affiliated businesses.
First Commonwealth Bank serves communities primarily in western and central Pennsylvania and northeastern Ohio through a network of community banking offices and digital channels.
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